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place to be once they settle this thing. the third and the most important thing is the u.s. economy is the most vibrant, adaptable, innovative and creative economy on the planet. i think that means we're coming out and starting to see that in many sectors today. we're bullish and think you need to look at this on a positive frame. >> maria, i'm less bullish than that. that sounds very optimistic. i would love to believe that, but if you compare valuations of equities versus bonds, yes, there's a huge spread right now, but that doesn't necessarily make equities really cheap. it's just a relative trade. i think, also, yes, we're a vibrant economy. we certainly are a strong economy. i think it's really unsustainable, the level of debt that we have in this country. we have $1 trillion in debt. i heard an incredibly succinct way of describing this. rick santelli actually said it this morning about how you can't say you're cutting $800 billion when really $80 billion is really from wars that are just going away. that's not really a cut. that's taking away the addition. i think you need to
because the underlying fundamentals in the u.s. economy are clearly improving, and you also have a stabilization or soft landing happening in china at the same time. >> david kelly, what do you want to be doing here? what's your strategy for the fiscal cliff? do you think we go over it, and what do you want to do? >> for a long-term investor, you don't try and play this one. i agree with stephanie about the market probably going higher once they get a resolution. they will get a resolution. it's possible it could go into early january. i still think they're more likely to get a resolution done before the end of the year. either way, they'll get a resolution done. when that happens, then we'll resort to looking at the u.s. economy, which is strengthening a bit here. also, the extreme and relative valuations between high-quality fixed income and equities will push money towards equities. i would not run for cover here because of the volatility. i think you just have to, you know, hold your ground through this and hope that the market moves higher next year. >> bob, this activity at
to work on what we all agree to, which is let's keep middle-class taxes low. that's what our economy needs. that's what the american people deserve. >> white house also turning to social media has a twitter hash tag to spread its message. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress. write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag #my2k. not y2k, my2k. >> i think that's going to push us into the promised land. >> i was incredibly encouraged. i had been depressed and then i said this could actually get done with a hash tag. >> you're very pessimistic. we heard erskine bowles saying yesterday, he thinks it's less than a one in three chance, of course, co-author of the simpson-bowles plan. >> i was in washington earlier this week and met with a lot of these characters. the bottom line is there have been a lot of meetings, most of them between people w
to make the economy move forward. i don't think any politician wants to have on their watch to see this economy going into another recession and to avert that from happening both sides have to come together and reach a deal. markets trying to price and -- is ot impossible to sell off if we continue to see this uncertainty, if we had those key technical levels it is a buying opportunity for big investors and the public as well. dave: i was talking to a trader in london earlier today, he was saying europe has tried, france and england and spain raised taxes and this is not created any economic growth. some people looking at china, despite the talk about how china's economy is slowing down, there may be interesting places to put your money over there. do you agree? >> i completely agree but don't think that is directly in china but there are some great u.s. companies that make revenues to the rest of the world and -- proctor and gamble, all of our tobacco companies, we have brands like starbucks, the rest of the world aspires to end huge middle-class being created all over the world
strategy? what do you want to do with your money in the economy does go off the fiscal cliff? >> yeah, we were worried about that back in september, october. so even though we like the equity markets going into 2013, we wanted to hedge ourselves a little bit, so we took money out of equities. didn't just put it into cash. we put it into three areas we think are still good long term. one is we talk about emerging market equities, but i like emerging market debt. these monetary authorities are done tightening. they fought the inflationary problem that they had successfully. they're in hoed. yield curves could shift down. we stress doing it in local currency. the other areas are u.s. high yield, which i still think is valuable. we do think spreads will contract and emerging market equities as well. >> jordan, what about you? how are you preparing for what could be an eventuality where we go over the cliff and we've got to deal with higher taxes and a slower economy? a lot of people expecting recession in 2013, if, in fact, this occurs. >> think about what works well in a slow-growth economy.
and it actually doesn't make sense for the economy overall because middle income families drive the economy more than 80% of the economic activity of consumer spending is generated from people making less than 150, not 250. so we need to have middle income families have that security and then we can talk about the top 2%. >> the president is sitting down, as we speak, with six governors from both sides of the aisle. >> right. >> we're getting first pictures in of that meeting. as we wait to hear what comes from this, is it time for the president to make speaker boehner an offer that he just can't refuse, one that both sides are going to look at as serious? what harry reid is saying a what the gop came back is a nonstarter. john boehner said over the weekend we are nowhere on this. it's a nonstarter plan and i'll raise you with a nonstarter plan? >> i do think that at this stage sometimes the coverage of the back and forth doesn't really indicate to americans what's really happening. there's going to be a the lo of back and forth. i think it's still relatively early because you have two proposals
of the economy is for everyone to pay more in taxes and guarantee a form of public goods. the most successful democracy is where it is structured around universe albens where everyone pays in and makes use of what the state provides. now, no leaders are making that argument. in the short run, they are right not to. getting rid of the entirety of the bush tax cuts for all brackets hurts the recovery. once we are in the recovery, we have to do at least that and more. the question is, does the death of the consensus mean american voters are ready to hear that? how will this president or the next make the case? joining me today, governor of connecticut, a senior research fellow at george mason university. senior economic director at naacp and a fellow at the roosevelt institute. it's great to have you all here. i like when i do these spiels, listen to withering criticism from the panel. what do you think of the thesis, at least about the politics of the undoing of the consensus? >> i think this focus on grover is just it's wrong. i mean grover is just one guy advocating for a position that i thin
this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on the republicans. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag my 2 k, not y2 k. >> the president was laughing about you the strategy, seriously effective. the my2k was one of the top trends on twitter all day long. republicans aren't too happy. they are getting outflanked. >> if the president wants to reach an agreement, he needs to be talking with the members of his own party right here in washington trying to broker an agreement, not out there firing up crowds and giving speeches. >>
that will affect your spending, lifestyles or the economy in any significant way. >> yes, indeed. the president is standing confident standing firm on middle class tax cuts and against any effort by republicans to throw the debt ceiling into the equation. >> if congress in any way suggests that they're going to tieç negotiations to debt ceilg votes and take us to the brink of default once again, as part of a budget negotiation, i will not play that game. >> as the president perfects his steely gaze, keep in mistake he's keeping side eye on splintering cracks appearing amongst congressional republicans' supposedly solid front. >> personally u i know we are to raise revenue. i don't care which way we do it. i would rather see the rates go up than do it the other way. >> let's take the american people out of the line of fire. particularly that 98%. >> maybe there's something in the oklahoma water supply. if republican lawmakers are falling pray to the mendacious middle class those at fox news are standing up for the needs of those persecuted top earners. >> this is a different america. how did w
for the american economy and says all the wrong signals to us signals to the market and international investors. also the demonstration of the sheer breathtaking arrogance of the obama presidency. this is a set of demands from an imperial white house. that simply is not open to any form of discussion at all according to these latest developments. this is a deeply worrying. the united states is on the edge of the economic abyss. the $16 trillion debt. so far there are no serious proposals whatsoever coming from the obama administration with regard to cutting this level of debt that the united states knows. america is heading for an economic catastrophe. it is a slow-moving sort of trained crash. gerri: i think that train is being of every single day. to you. imperial presidency. not only imperial. it's on hiatus. the talks have been outsourced. the very man who negotiated the biggest bailout of banks in u.s. history. i think his choice of a negotiator is even problematic at this point. >> i completely agree. if you think back to the start of the first administration, he had his problems getting
, these guys don't think that the economy is going to suffer that much. they think they will take credit. that is how they think. talk about social engineering. what happened to the jack kemp argument. what about empowerment. john f kennedy had the same thing. i don't want to bring some down and some up. i want to bring everybody up. where is that argument? >> and jack kennedy said, if you want to raise tax revenues, you must cut tax rates. the opposite of what obama said. they don't believe it. they want a western european style cradle to grave state. they want to make sure that they preserve it and they want to pay for it. the middle class is going to be nailed and they are going to blame republicans and they are going to have to go back to get more money. isn't it mostly true, taxing the rich, and you poll the whole electric. the middle income people believe they are going to be next. middle income say you are not going to get enough money there. they are going to hit me and there is going to be a carbon tax. president obama needs to expand the government. i wish the majority of the m
savings as part of that and invest in things that matter to the american economy. we think we can do that. we have a good chance to do it now. it's important that we do it. i think we're going to get there. >> given tough talk over the weekend, why aren't we waking up to down numbers, red arrows? >> europe is terrific. bond rates are phenomenal. a great run. china numbers are better. i think that there's a lot of people who feel like doug cast does who writes with me with a piece in "the new york times" saying that -- >> most stuff is nontaxable accounts any way. most stocks that people won't be as motivated to sell as people think. of course that doesn't necessarily deal with the increase in payroll taxes and the whole recession side of it. it does deal with the stock market side in terms of selling. >> why not say, listen, fiscal cliff, i have to cut numbers. i have to cut guidance. i think many ceos will cut guidance because of the possibility that the amt is going to -- this alternative minimum tax, people don't know they have to write a check for $3,500 at the end of the year. once y
two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50
on the obama administration if the economy doesn't recover. >> all right. many thanks, scott rasmussen, appreciate it very much. >> thanks. >>> with just 26 days until we fall off the tax and fiscal cliff, two dozen house republicans have apparently defected from the boehner plan and signed a bipartisan letter with democrats. people are now asking is there a fallback position for the gop? well, here now to tell us is house majority whip california republican kevin mccarthy, the number three man. mr. mccarthy, as always, thank you for coming back on the show. can i get your comment on this letter, two dozen republicans, they're talking about tax rate flexibility along with a bunch of democrats. what's your take, sir? >> well, remember what they're saying here. what they're saying is that they're going to put everything on to the table. what we've been talking about for so long is where the president has been awol, this is a spending issue that we have a real problem with. we agree that we'll provide revenue, but we do not want to hurt a pro growth economy here. so it's how you go about
back then, barack obama believed that lowering rates was good for the economy. dagen and connell, it is yours. connell: the war on wealth is where we begin today. dagen: get the government out of the markets. connell: the devil wears -- becoming our next ambassador to britain. dagen: holiday travelers paying up. the average ticket price topping $450. connell: everyone needs a few days off. it is the top of the hour. we will go to nicole petallides. good morning. nicole: good morning. let's take a look at what is going on here. let's take a look at jardin restaurants. it turns out they are not meeting the analyst expectations. let's take a look at the stock. it is near its lows of he day. their earnings will miss the analyst estimates. same-store sales dropping 3.2%. as a result, sales have diminished. how about the major market averages? the dow is higher, but the s&p and the nasdaq are lower. dagen: republicans finally pulling off their own plan to deal with the fiscal cliff. connell: the white house predictably saying, no deal. the parameters are there now. we can start to ima
's not in a position to dominate. its economy is shambles, it's i it's military is second rate. the public opposition has bng reassuring. the middle east is a complex region that is changing fast. it's more vibrant and even more democratic place of the middle east a generation ago. you can read my column in this week's time magazine. let's get started. >>> it was a week filled with tension and violence in egypt. there were mass protests after morsi issued a decree neutering the agenda. what to make of it all? two of my favorite scholars are with me. this is a power grab my morsi. is that accurate? >> every decision he makes is now free of any possibility of judicial review. really the game is kind of moved beyond that now. what is motivating people to protest is not the declaration but it's the new institution that his allies have rushed through. >> steve, what is the army's role in all of this. that's the piece people don't understand. you have morsi and the isz lam brother head. you have the liberals who are opposing it. where does the army stand? >> the military has removed itself from the politic
on to conservative principles very closely. for example, the need for what they call a pro-growth economy, like senator ron johnson. let me play for you what he had to say. >> this president simply doesn't understand that and as a result he's going to punish success, put at risk the economic growth that we really need to create jobs, revenue that we need. >> this is sort of the talking point that we've been hearing all along. is there any indication around capitol hill that there is some softening on that? >> i don't even know what that means, putting -- basically, i believe that the argument is that only by decreasing taxes can you lead to growth. there is a lot of historical evidence that that is not necessarily the case. i think the issue for the gchop right now is whether the tax cuts expire for everyone or whether for only those with income over $250,000. >> let me bring in jim from the national journal. jim, we had a little technical problem there. let me ask you about what she said said. can anything be decided at all until a decision is made about who is going to have tax cuts expire if
the company's economy. the damage from sandy was worse than first anticipated. there's 75,000 jobs lost in new jersey and new york. and the $1.4 billion economy is -- in the quarters ahead, in the fourth quart, he sees a quarter to a half point hit to national gdp directly related to the effects of sandy. talking about the national economy, the bright spots include housing and consumer spending, the negatives include business investment along with weak manufacturing. the congress and the administration must address the fiscal cliff. any plan to reduce the deficit should quote start small and then grow very substantially over time. so dudley basically agreeing with the take that sandy is a bigger event, and then you want to add on top of that dudley's concerns about the fiscal cliff coming our way. >> what does this mean for the retailers because right now we have the impact of sandy, because they're confined pretty much to november. we had this seasonally strong period for retail sales especially for the holiday season. but does that mean the kruk -- money is being spent instead on gypsum boar
and that would be good for businesses, for our economy, for future generations. and i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're going to have to raise a little more revenue, we've got to cut out spending we don't need, building on the trillion dollars of spending cuts we've already made, and if we combine those two things, we can create a path where america's paying its bills while still being able to make investments in the things we need to grow like education and infrastructure. we know how to do that. but, you know, in washington, nothing is easy so there's going to be some prolonged negotiations. and all of us will have to get out of our comfort zones to make that happen. i'm willing to do that. i'm hoping enough members of congress in both parties are willing to do that as well. we can solve these problems. but where the clock is really ticking right now, is on middle-class taxes. at the end of the year, middle class taxes that are currently in place are set to expire. middle class tax cuts that are currently i
over $250,000 paying a higher tax. they have confidence in this economy, perhaps the reason that your party saw success in the election. what do you make of this notion that, again, some republicans say the president doesn't get small business or economic growth somehow? >> well, i think the american people roundly rejected that. they think the president gets it. that's why they voted for the president. more than that, economists think the president gets it. this really is a balanced approach, and i don't think any credible economist will tell you we can simply cut our way out of the current deficits and debt. we need new revenues, and where should they come from? should they come from a middle class or working families that have really struggled or had setbacks in the last decade, or should it come from families that have done very well and can be asked to do more? if you look at the prosperity we enjoyed during the clinton administration when the tax rates were higher on upper income families, that certainly didn't kill economic growth. we have incredible economic growth during the
revenue. >> the economy is in a different position, the president actually did sign into law a series of cuts, he's proposed a lot in his 2013 budget. it's not like he's been stagnant. we've been having this argument throughout the presidential campaign and guess what? as we keep saying, americans said we're not buying it. the conditions have changed, the economy has changed, i think the outlook in the picture has changed. that's part of the reason the president is so firm about not going back to the debt ceiling conversation again and creating that level of instability and not bending on this issue of raisings the rates on the top 2%. >> yeah. i think -- >> go ahead. >> it's an important point. i think the american people are seeing that the president has already agreed to more than a year ago to that $1 trillion of cuts. that was 100% in cuts as part of the budget control act and he's always said we need a balanced approach. we can't do it through cuts alone. he has proposed additional cuts as part of the process but you need to have that revenue component to have the balanced appro
. >> professor robert reich and dr. james peterson, wisdom galore. >>> next, the economy shows real signs of life. will a cliff dive send it spiraling downward? stay with us. >> thousand or millions. >> millions. >> okay. >> no, i'm sorry, greta, thousands. >> oh -- >> no. between $27 million and $40 million. >> okay. >> a year. ♪ aids is not going to take my baby. ♪ aids will not take our future. ♪ our weapons are testing... education, care and support. ♪ and aids... ♪ aids is going to lose. aids is going to lose. ♪ ♪ ♪ [ male announcer ] while you're getting ready for the holidays, we're getting ready for you. tis the season. for food, for family, and now, something extra -- for you. >>> the most severely conservative of republican pundits have consulted their unskewed polling and they see an electorate that will reward any republican who refuses to compromise on the fiscal cliff. now, we know that attitude didn't work well with voters when republicans held the debt ceiling hostage last year, but now with the economy showing signs of life this week, the question becomes will the
a trillion dollars next year, there is more and more money on the sidelines in this economy. which means there are even more jobs that won't get created. that means economic growth will even decrease more. so, the president's got to wake up an realize he owns this economy. it is not in his political benefit to do this brinkmanship. jon: debbie, my understanding that the most to everybody agrees that the big drivers of government spending are entitlement programs like social security and medicare and medicaid. why not talk about reducing the expenditures there somehow? >> i want to say several things. one of the things got to do stop taking cheap shots. the secretary of treasury is one of the most serious people in this government. has the trust of the president and that is who the president is sending in here. let's stop taking these cheap shots. that is the kind of stuff we have to stop doing. you are right, this uncertainty is hurting the economy and putting money on the sideline, why we have to solve it. we need to walk into a room and put everything on the table. social security and
, in order to protect small businesses and our economy. instead, new revenue would be generated through progrowth tax reform that closes special interest loopholes and deduksz while lowering rates. i'm going to guess that is the very line that the white house is going to say no deal to, right? >> so let me understand. if, in fact, we want $800 billion in new revenues, and we can do that through closing loopholes, limiting deductions for the wealthy in this country, and we're going to not have a deal because it's not a rate increase, but rather taking the same amount of money from the same people and we're going to say no to that? >> well, there are people who said, the math doesn't work out. closing the loopholes doesn't get you enough money. >> soledad, i've been studying this for seven years. that's bologna. there's -- it's easy to get $800 billion out of the wealthy in this country by limiting deductions and taking away options that are specifically benefiting only the well off in this country. >> case, but -- >> all you have to do is -- for example, people making more than $250,000
care? >> well, we should care because the tax on capital has a major impact on the economy overall, on productivity growth and, therefore, on standards of living. the way that you have a more prosperous economy, is you need to have incentive to encourage capital formation, to encourage investment, to increase worker productivity -- megyn: what are people going to do with their money? so if i had otherwise invested in stocks and gotten dividends, but now -- because i like getting 15% taxes as opposed to, you know, 40% taxes on them -- what am i going to do with my money now instead of invest it in stocks? >> well, on the margin a lot of people will choose consumption. if you can spend your money and enjoy it today versus having more in the future, anytime you reduce the return on investment, you give people more of an incentive to say, the heck with it -- megyn: well, isn't that good for the economy, consumption? >> well, i don't think so. we've got a real problem with declining business investment, and if you don't have expansion on the supply side, it's hard to have the productivi
the economy to go over the fiscal cliff? what kind of reaction might we see in the market if that were to materialize? >> well, if we saw the market sell off in a big way, i don't think anybody believes we're going to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a lot of it. i love the way this market is acting. it's not selling off with all the bad news, all the bickering, all the bad words on each side. you've got to love the way that this market is holding up here. doesn't mean investors need to be carefree, but overall, it looks like the market is setting up with a lot of negative sentiment out there. looks like there's a lot of opportunity for a big run higher once we get some form of resolution. i really believe we're going to get it. >> you think by year end? >> i really do. i think they want to go home for christmas. they're not going to want to not go home for christmas. you can always count on politicians to do the right thing when all other options have
congress threatened to unleash what they called a self-created recession hurt the world economy. the paper went on to school lawmakers here saying that the u.s. should act like a responsible power. oh, boy. of crse, china's interest is purely self-interest here. the last thing he needs it needs is a slowdown in consumer spending. after all, where would the chinese and their economy e if it weren't for america? that's right. a lot more to come during this hour. what this tax fairness mean? i will break down the numbers. folks like warren buffett don't want to talk about this. and aaa and unusual warning about a blend of gasoline. the federal government wants you to start using the gas. to start using the gas. but will it damage your can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. ♪ [ engine revs ] ♪ [ male announcer ] oh wha
're going to talk about the fiscal cliff, we're going to talk about the global economy. we're going to talk about the civil war in syria. we'll talk about the royal baby coming soon. first we want to get right to zoraida sambolin for an update on the day's top stories. >> soledad, the fiscal cliff debacle, with 28 days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take a look at the headlines from this $800 billion in what would be savings from tax reform. so that is new tax revenue. but not done by increasing income tax rate on the wealthiest. but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medica
it differently, they should tell us how they want to do it. >> i believe raising tax rates hurts our economy, hurts the prospects for more jobs in our country. >> shannon: as the sparring continues over the fiscal cliff, neither boehner nor geithner can say for certain that the country will not go over the edge. i'm shannon bream. america's news headquarters live from the nation's capital starts right now. >> shannon: we want to get to the budget standoff. peter doocy joins us live. there is time to strike a deal but not a lot. >> reporter: that's right. the speaker of the house john boehner made a point today to say there is not much time between election day and the end of the year. he thinks the white house has already wasted weeks because he does not think the proposal to avoid a fiscal cliff is serious one. negotiations here are nowhere. another republican, senator lindsey graham thinks he thinks things are heading down hill. >> i think we are going over the cliff. it's clear to me they made a political calculation. the offer doesn't deal with the entitlement reform to save the medicare
wealthy americans are the ones who are creating the jobs and helping to turn this economy around. that remains the big sticking point. those bush era tax cuts, white house saying it should be extended for middle class americans but not for those upper income americans, carol. >> how seriously should we take these negotiations? both sides are negotiating in public, not the greatest way to negotiate in the world, right? >> reporter: right. you sort of have to take it based on the information they give you. there's a lot that goes on behind the scenes. we've seen this play out over the last four years where both sides will sort of throw these sharp elbows publicly, but then they do hammer something out. we do have to take it seriously. you have to get a sense that both sides understand the serious nature of this fiscal cliff and they do want a deal to get done. so they are looking for ways to find some kind of agreement. they are looking at outside groups today as well. the president will meet with half a dozen governors, arkansas, minnesota, utah, wisconsin, republican governor fro
interest deduction may be on the chopping block if the economy falls off the fiscal cliff. what does it mean for you and your nation's nascent housing recovery? rodney anderson is the director of supreme lending. welcome, sir. >> good afternoon, lori, rodney, the mortgage interest deduction, on? mous with terms like sacred cow and untouchable but that is changing. >> absolutely. we know several years ago they would have to address the mortgage interest deduction. what we need to remember here is the housing market is already in a troubled stage. ben bernanke last week saying mortgage lending guidelines are overly tight. so we're in an area right now that we know we need to get rid of the deduction but how do we do it? we have to do it structured. lori: let me come in here with this point. are you saying if we get rid of this deduction it could thwart, to your point a very vulnerable recovery? today we got the mortgage apps down 23 years from the prior weeks. new home sales were down when they were expected to rise? >> yeah, it could absolutely hurt the, short term it could hurt it. l
this was for the economy. this is a multiyear low reading in the manufacturing numbers. we haven't seen a number like this since 2009. we haven't seen an employment index number like this since september of 2009, the last time it was at this level, unemployment, 9.8%. we have a nonfarm payrolls number coming out on friday. you'll be lucky to see a positive number in front of that. i don't see how the market overcomes that kind of thing. independent of all this jibber jabber over the fiscal cliff, the economy is in really rough shape now. >> it is. we're seeing businesses cut back, getting ready for the eventuality they see coming, no deal by december 31st this worsening. sam, how do you want to be invested in 2013? where is the growth in the economy coming from, if anywhere? >> i think the growth is coming from an improvement in the housing sector. i think we are starting to see a slowdown in the job loss from the government sector. so, i think we're going to be seeing a better than half speed recovery. so, you do want to be taking a balanced approach. we do favor the consumer discretionary at this p
really wants to avoid sending the economy over the fiscal cliff, he has done nothing to demonstrate it. the position of congressman tom cole, that the party should agree immediately to extend the bush tax rates for americans making less than $250,000 a year is the best of a bunch of bad choices for the gop. >> the g 0 op is boxed in saying it's a terrible position because by default democrats get what they want. a big bargaining chip for house republicans is they need congress to raise the debt ceiling before the end of february when analysts estimate the treasury would run out of options and hit the borrowing cap. no deal is reached. closer to the deadline and today they will argue that's bad for business. help in supporting an approach without drama or delay a. >> we can't be going through another debt crisis, debt ceiling crisis like in 2011. that has to be dealt with. >> the president of the business roundtable has said congress should raise the debt ceiling enough for the next five years to avoid uncertainty. clearly that's something that won't happen. short term spending cuts sho
taxes which we think would be harmful to the economy. and if you look at how much revenue that raises, $68 billion next year, that funds a government for less than a week. and it does potential significant harm to the economy and raises taxes on the very people we are asking to go out and create jobs. >> dick durbin says when you're talking about entitlement reform or cuts in spending for medicare, medicaid for example, he says that's too complicated now. listen to what he said this morning. >> when it comes to medicare, we know that it's going to run out of money in 12 years. whatever changes we want to make should be thoughtful changes not made in the heat of the fiscal cliff. >> can you defer medicare for example -- medicare reform until after you get a deal on the fiscal cliff? >> well, if we do that, wolf, i think what you have to do is also defer the issue of taxes. i think you extend tax rates some time into the foreseeable future whether that's six months or a year and allow us to go through the process where we can deal with entitlement reform and tax reform in regular order.
. cliffhanger. i don't know. if the economy falls in the forest and no one is here to hear it is there a sound. yesterday the republicans blame the democrats and the democrats blame the republicans. john had a exclusive with chris wallace. >> brian: chris wallace sat down with jone boehner. >> steve: here is mr. boehner describing the impression at the moment of what tim geithner was trying to sell him. >> i was ghasted and i looked at him and said you can't be serious. i never seen like it we have 7 weeks before election day andepped of the year. three of those weeks are wasted with this nonsense. >> y are talking about roughly. timothy depite gite saying we'll raise taxes 1.6 trillion and washington will increase taxes on capitol gains and we would like to say we like the power to raise the debt ceiling any time we want for the executive branch which is unconstitutional. >> steve: it is not 39 or 35 percent. all nonstarters in the world of negotiation. >> gretchen: two things to discuss. why is it tim geithner doing the discussions inted of the president of the united states. let me know if
of this country's economy. and actually, things are looking up, if you look at -- >> they're not saying that. >> -- the data. >> they're not saying that. i'm saying small business owners will be hurt. >> yeah. >> if you raise taxes. but -- we're talking about compromise. this is my view. you've got your view. you know what the answer is? >> yeah. >> getting together and talking saying, listen, this is what i can live with. you know what? 39.6% is offensive, even raising it 1 percentage point is offensive. why don't we do what warren buffett says and anybody that makes $1 million or more pays 30%, a minimum tax rate of 30%. and you raise the level up to $500,000 instead of $250,000 and i'll go ahead and reluctantly agree to raise the top rate to 37%. that's how deals are done, but you never get there if you don't have a president and congress -- >> but they can't do that now. >> why can't they do that? >> it's the centerpiece of their argument since the campaign and tim geithner on the sunday shows. they say there is no deal about raising taxes on the wealthy. >> and they're right. the matter
hikes and spending cuts, we are getting a new snapshot of our economy. the number of americans seeking unemployment benefits fell last week by 23,000, but the total, 393,000, is still way above where we need to be to bring the unemployment rate down. in fact, our four week unemployment average went up to over 405,000 last week. the report for the whole month is out a week from tomorrow. >>> meantime, a new report finds that the number of americans on food stamps spiked by about 10% last year. that means about 15 million american households got food stamps in 2011, and it is even more profound when you look at what america has and has not created over the past decade. look at this chart. private employment is the line at the very bottom. it's gone down. this is going all the way back to 2002, i think it is? yeah, so look at this. you can see there starts to be a dramatic change around '08, '09. so private employment down, government employment slightly up, medicaid enrollment has soared -- that's what you get that helps folks without a lot of means -- and look at the top line. that repr
billion slashed from domestic programs. an estimated 2 million jobs could be lost pushing the economy back into a recession adding to the misery to those facing tough times by ending jobless benefits for the long term unemployed. steve is live in washington. where do we stand at this point? >> reporter: two sides did do something today. they appeared on the sunday talk shows but they haven't negotiated an actual deal. john boehner blasted the white house plan which was put forward last week. boehner says the president essentially wasted the last three weeks since the election with nonsense. >> the president is asking for $1.6 trillion worth of new revenue over ten years, twice as much as he been asking for in public. stimulus spending that exceeded the amount of new cuts he was willing to consider. it was not a serious offer. >> reporter: and boehner says he was flabbergasted when he was given the proposal. >> heather: and democrats are defending themselves? >> treasury-secretary tim geithner on fox news defending the president's plan for raising revenues, cutting spending and reduce the d
disaster not only for our country, but the worldwide economy. >> so defaulting on the credit is unacceptable to you? >> i don't think -- i don't think it's a question that's even on the table. >> failing to raise the debt ceiling is not even on the table. that's what john boehner said last january. and yet just a few months later, with that voting record and with that stated understanding of how bad it would be for this country to not raise the debt ceiling, there was john boehner, leader of the congressional republicans, threatening to not raise the debt ceiling. e threatening default after decades of voting to raise the debt ceiling, no questions asked under president bush, under president obama the republicans decided they were not going to do it anymore. right around this time last year, republicans threatened to let the country go into default unless president obama met their demands. they explicitly recognized it would cause harm, but they were happy to do that. they were willing to incur that it harm. to inflict that harm on the country in order to get other stuff that
with him. the goal here is to grow the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. we're willing to put revenue on the table as long as we're not raising rates. >> so, joy, boehner is not exactly ready to go along with the american people, it seems. >> i think what you just saw there, rev, was a man waiting for bated breath on january 3rd, hoping that every day gets shorter and shorter and shorter as long as we're still in the lame duck congress and tea party members are still there. i think john boehner still has an ounce of fear that he will lose that vote. so he's always watching his right flank. i think boehner will be in a stronger position if we get to january 3rd and there isn't a deal and he can force a deal on his tea party members but this is a guy who still has to message to the right. this deal would have to be made by the congress that just lost the election, the congress headed by the tea party. and it's iron ironic that it lost the election but boehner has to cling to it for now. >> but the american people
slowed their economy too much and it's time to put more gasoline on it. they actually have the ability to do that. the communist party is very well run. ceo is terrific. they may declare a special dividend. >> the ceo is no andrew mason. >> no. if the ceo were to leave, i don't know if the stock would pop. >> bob pisani is on the floor watching what's moving on this friday. good morning, bob. >> we opened flat by in large. i have to say the commentary this morning, the mood is gloomier than i have seen recently. there's been a lot of hope that a deal could be reached here. how's this for gloom? 2013 is going to be tough. fiscal cliff or not. how's this one? we lose either way. you get a fiscal cliff deal, you'll have tax increases and spending cuts. they'll cut 1%, 1.5% off gdp. that's not good for stock market in 2013. you don't get a deal, you get mandatory spending cuts that will be worse. meantime, there are shorter term worries. how about getting through today? how do you go long or short here today when over the weekend anybody -- i mean almost anybody, can appear on a sunday tal
. that's what our economy needs. that's what the american people deserve. gd if we get this part of it right, then a lot of the other issues surrounding deficit reduction in a fair and balanced, responsible way are going to be a whole lot easier. >> reporter: white house officials say mr. obama is not interested in personally meeting with congressional republicans because those meetings did little to resolve the 2010 debt ceiling crisis. but when mr. obama later skipped congressional meetings and campaigned to extend the 2% payroll tax cut and maintain lower student loan interest rates, he won. the president is primarily focused on step one of this process-- winning the middle class tax cut debate. step two is being led by his treasury secretary jim geithner and liaison rob nabors. they are going to work with congress on spending cut and other fiscal cliff details. the first meeting will be tomorrow on the hill. >> pelley: major, president said today he thought all this could be done by christmas. why does he think so? >> reporter: because that is the big takeaway, scott, from th
taxes low . that's what our economy need and american people deserve and if we get this part of it right, a lot of the other issues surrounding deficit reduction will be a lot easier . if we get it wrong, the economy will so go south. >> brian: the president owes a quarter every time huteses fair and balanced. we'll collect laterr. working on a deal to avoid the fiscal cliff. who pays the price if congress fails to act. is it a make or make term? reverend did you like the president's tone yesterday if the goal was to come to a deal to avoid the fiscal cliff? >> i think his tone was appropriate because it is even and not an taganistic and fair and balanced in its aproachh and invitesorths to come to the table and indicates a willingness to have a give and take. that's what the american people expect. >> brian: when he said to go visit a manufacturing plant with tinker toys and have a twitter address and hash my 2 k to put pressure on republicans. is that a right tone to get something done? >> i think it is not the president versus republicans. i think the president want to stay close to t
and congress have just one month to prevent tax hikes and spending cuts that really could send the economy according to some right back into a recession. we are glad you are with us on this friday, everybody, i'm jenna lee. jon: i'm jon scott. president obama offering his opening bid to avoid the fiscal cliff but it's not going over well at all with republicans. house speaker john boehner saying no progress has been made in negotiations. mike emanuel is live on capitol hill now. what are the republican complaints, mike, and how are they pushing back at the president? >> reporter: senator john john cornyn who is a member of the rupp leadership says he thinks president obama wants to go over the fiscal cliff by proposing higher taxes, no spending cuts and no plans to save entitlements. with president obama going to pennsylvania today, the house republican whip, kevin mccarthy's office put out a video profiling a small business nearby in pennsylvania that would get hurt by a tax hike. >> i'm jerry gorsky from an engineering company. however good or bad we do is my income. this notion of $250,
will hurt our economy and will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester, and pave way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reforms, it's going to be impossible to address our country's debt crisis. and get our economy going again and to create jobs. so right now, all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. it's time for the president, congressional democrats, to tell the american people what spending cuts they're really willing to make. with that i'll take a few questions. >> speaker boehner, why will you not tell democrats what specific spending cuts you would like to see, especially within en titlements? >> it's been very clear over the last year-and-a-half, i've talked to the president about many of them. you can can look at
the summer months where he focused on obama and the economy. i want to talk about, because i can't resist it, it's almost 2013. i think we're well within the bounds. the virginia governor's race. bill bolling, the lieutenant governor, dropped out in twain to make way for bob mcdonnell, currently the governor, dropped out again this week to make way for state attorney jgeneral ken cucinell cucinelli. you have the best friend of bill clinton terry mcauliffe as the democratic nominee. some people are painting this as a tea party against the clintons in mcauliffe. things can still happen. it looks like a fascinating race. >> chris, as you know, political reporters, we only have two gubernatorial races to cover. we give a lot of attention to virginia and new jersey. what's fascinating about virginia, since i've been covering politics on the national stage, the off-year election has proved to be a template if that party that's out of power wins. 2005, tim kaine ends up running a race, appealing to independents, sfresing his religious faith. actually kind of having a very soft appeal to a lot of fo
beyond that's going to be good for the long term american economy. >> but you said you're getting closer, they're saying you're getting much farther apart. they say that this is not a serious proposal. >> we have a very good plan. we have a very good mix of tax reforms that raise a modest amount of revenues on the wealthy 2% of americans. combined with very comprehensive, very detailed savings that get us back to the point where the debt is stable and favorable. if we can do that carefully, we can invest in things to make america stronger. we can rebuild infrastructure. we think those are good investments in america and we think we can afford them. >> let's look at an outline of what republicans said they heard in the meeting. $1.6 trillion in tax increases over the next ten years. $50 billion in stimulus spending right now. $400 billion in unspecified medicare cuts. over the next ten years. and then, permanent authority to increase the debt limit the president wants that authority. they look at that 1.6 trillion in revenue and say it's twice as much you get from raising taxes on the wea
effects on the economy. the other area that democrats want to raise taxes are on investment income, things like capital gains, dividend income. now, those will jump significantly. here's the thing. very few of these benefits affect middle class workers. it does affect the higher income earners and the question you have to ask is will it affect their spending patterns and the thinking amongst democrats and among many liberal economists is that you don't spend the marginal money that you earn in the same way you spend the core money that you earn, so the impact won't be as big. it's not to say that there's no impact and it would be better for the economy if we were not raising taxes on anybody and possibly lowering taxes, but there's a doomsday scenario that's been put out there about what would happen if you raise taxes on the top 2%. we don't have a lot of studies to back that up. >> you say not a lot of studies to back that up because that is the principle republican argument. they say the recovery is so weak, if you raise taxes on the top 2% right now you will hurt the job creators at a
economy, they invigorate our soul. america can be a lawful society and a welcoming society at the same time. as our nation debates the proper course of action relating to immigration, i hope we do so with a benevolent spirit and keep in mind the contribution of immigrants. >> it's a very interesting reminder. jeb bush, of course, has been very outspoken but there is a different wing of the republican party. >> we george w. bush talk about taking a softer line on immigration the day after republicans in the senate refused to ratify a treaty on discrimination against disabled people. those are two different courses for the republican party and i see one thing that strikes me, you have george w. bush here, robert dole, another former presidential nominee on the floor of the state. the party is moving on. these are not the most powerful voices in the party. the speeches we heard yesterday from marco rubio and paul ryan are i think more influential when trying to look at where is the republican party going to go. >> and, in fact, paul ryan here's another little bit of paul ryan speaking at
raise these taxes, it will not hurt the economy. [talking over each other] stuart: bill clinton raised taxes and the economy took off. >> there are a lot of things that influence the economy. not just taxes. there are other things. there is no monetary policy, which was great under bill clinton. do not forget that bill clinton did welfare reform. one of the most historic acts over the last 50 years. do not forget that we caught government spending within those years. the problem with obama's proposals is he wants more. this idea that raising tax rates does not hurt the economy because, you can go ahead and spoke three packs of cigarettes a day for the rest of your life because i know somebody who did that and he did not get cancer. stuart: okay. that was very good. [ laughter ] now, i know why you have not been on the show very often. i am at a loss for words when you are done. stephen moore, i do hope you come back and see us soon. >> thank you, sir. stuart: here is an example of what i call tax hypocrisy. costco founder going to save because of the dividend payment this year. not nex
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